Yes! Just because you co-signed a loan for your sister doesn't mean you cannot apply for a loan with your husband or anyone else for that matter. You have the freedom to apply for as many loans as you like and the approval will depend upon your ability to qualify for the loans but there is no limitation as to the amount of loans you can apply for. Some lenders and loan programs have certain limitations on how many mortages they like to see on one's credit report but I've worked with clients who've had over 10 active mortgages on their credit report and are still able to qualify for more.

Income wise you may have to prove that you can afford all the loans which bear your name and that is what you have to be careful about when co-signing. Not having the proper income for all the debt you are contractually liable for may prevent you from getting loans for yourself in the future. Co-signing is a nice thing to do but definitely something to think about carefully :-)

Good luck and if you decide to purchase any investment properties, my company Renttoday.us has outstanding property management services covering all of Southern California. We can help you to identify great areas to buy in, take care of any rehab, and have a tenant placed in your home before you close escrow!

Hello Viri,

Yes you can still try to apply for a home loan with your husband.

What may matter is if the loan you cosigned for appears on your credit report. If it doesn't, then you don't have to do anything.

If the loan you cosigned for does appear on your credit report, you will have to be able to prove to your new lender that your sister is making the payments herself without your help. You can usually accomplish this with your sisters cancelled checks for the payments. Otherwise, the new lender will count the payment as monthly debt you are responsible for, which will greatly hinder your ability to help qualify.

If you have more questions, feel free to contact me.

Mark
951.237.3741
MarksHomesAndLoans@hotmail.com